Reverse mortgages: What are they?
April 13th, 2010
Written by Frost Mortgage
Categories: Mortgage Approval Process, Mortgage News, Mortgage Programs, Real Estate News, Reverse Mortgage
Many people don’t realize that Frost Mortgage’s expertise also extends to “reverse mortgages.” In fact, it’s one of our specialties, and we have a full-time staff member dedicated to this unique program.
So, what is a reverse mortgage? As the department of Housing and Urban Development (HUD) explains:
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
As a full eagle licensed FHA lender, Frost Mortgage is a great choice for your reverse mortgage questions. Please, contact us today and find out why we don’t just close mortgages–we open doors.
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